New Jersey casino, sports bet revenues hit high of $5.8B, but most casinos trail pre-COVID levels

Friday, 26 January 2024

New Jersey’s casino and sports betting operators and their online partners won nearly $5.8 billion in 2023, setting a new record, figures released recently show. That’s up nearly 11% from a year earlier.

New Jersey

But the news was not as encouraging for Atlantic City’s nine casinos, two-thirds of which are still winning less money from in-person gamblers than they did before the COVID-19 pandemic.

The numbers released by the New Jersey Division of Gaming Enforcement show that the casinos, three horse tracks that have sports betting, and their online partners won $5.77 billion last year, surpassing the state’s all-time high of $5.2 billion reached in 2006 and matched last year.

But only half that money came from the casinos’ core business: money won on their physical premises. Money won from internet gambling and sports betting is shared with other parties including tech platforms and sports books, and is not solely for the casinos to keep. For that reason, the casinos consider in-person winnings to be their core business.

And for six of the nine casinos, that business was not so great in 2023. Only three casinos — the Borgata, Hard Rock and Ocean — won more from in-person gamblers last year than they did in 2019, before the pandemic broke out. Collectively, the casinos surpassed 2019 levels with $2.8 billion won from in-person gamblers, but that was accomplished largely on the strength of the three newest casinos.

Still, for James Plousis, chairman of the New Jersey Casino Control Commission, there is plenty to be upbeat about in the latest figures. He noted that in-person casino winnings were the highest in a decade, internet gambling revenue surpassed 2022’s record by more than 15%, and sports wagering revenue set a yearly record.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said the record-setting total revenue performance “would not have been possible without the contributions of new gaming products — internet gaming and sports wagering — which contributed nearly 46% of total gaming revenue for the year. The industry’s gamble on innovative new gaming products for the internet gaming and sports wagering markets seems to be paying off,” she said.

Sports betting brought in over $1 billion in revenue on nearly $12 billion worth of bets placed by gamblers after winning bets and other expenses were paid, the numbers released. In terms of money won from in-person gamblers, Borgata once again led the market with $729 million, up less than 1%. Hard Rock won $512 million, up 4.1%, and Ocean won nearly $415 million, up 16.3%.

Harrah’s won $254 million in person, down 1.5%; Tropicana won $240 million, down 3.3%; Caesars won $231 million, down 1.7%; Resorts won $163 million, down 2.3%; Bally’s won $155 million, up less than 1%, and Golden Nugget won $146 million, down 1.8%.

Internet gambling brought in over $1.9 billion last year, up nearly 16% from last year.

When internet and sports betting money is included, Borgata won $1.3 billion, almost the same as last year; Golden Nugget won nearly $672 million, up 15.5%; Hard Rock won $626 million, up 8.6%; Ocean won nearly $473 million, up 21.4%; Tropicana won $366 million, virtually flat from a year earlier; Harrah’s won $255 million, down 1%; Bally’s won nearly $239 million, up 20.7%; Caesars won $233 million, down 2.6%; and Resorts won $163 million, down 2.7%.

Among internet-only entities, Resorts Digital won $822 million, up 50.4%, and Caesars Interactive Entertainment NJ won $90 million, down 20.7%.

Source: abcnews.go.com





Author: Editor

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